Problem 14-73 (Algorithmic) (LO. 8, 9) Copper Industries (a sole proprietorship) sold three 1231...
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Problem 14-73 (Algorithmic) (LO. 8, 9) Copper Industries (a sole proprietorship) sold three 1231 assets during 2021. Data on these property dispositions are as follows: Accumulated Depreciation Asset Cost Acquired Sold For Sold On Rack $63,200 10/10/18 $41,080 $31,600 10/10/21 Forklift 10/16/18 12,640 9,480 10/10/21 25,280 56,880 Bin 03/12/20 18,960 31,600 10/10/21 If an amount is zero, enter "O". a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. Total Amount of Character of Amount of 1245 Recapture Balance of Gain or Loss Asset Gain or Loss Gain or Loss Rack Forklift Bin Copper has $ due to 1245 recapture and $ of 1231 b. Assuming that Copper has $6,320 nonrecaptured net 1231 losses from prior years, analyze these transactions and determine the amount (if any) that will be treated as a long-term capital gain
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